6 things local experts say about the Dayton region’s economic prospects in 2023
Local experts are feeling generally positive about the Dayton region’s economic outlook, but they acknowledge headwinds that include the threat of a recession, continued inflation, higher interest rates and continued problems filling job openings. We asked a dozen people from the business, financial, government, development and real estate sectors to share their views about this year’s economic outlook for the Dayton, Springfield and Butler County regions in southwest Ohio. Today we published the first of a four-part series that runs through Wednesday. Explore Dayton region economic outlook for 2023 is positive though tinged with recession worries Here’s what some of those interviewed had to say: “We need an educated workforce with the right skills to attract new businesses and support our existing economy. We have a robust higher education system in our region that provides credentialed skills training and advanced degrees for in demand jobs.” Julie Sullivan, executive vice president of regional development at the Dayton Development Coalition: “We must continue to support our existing companies and nurture their growth, too. We want our smaller and mid-sized companies to grow and we need to remain focused on economic diversification across the region. We never want to be too reliant on any one industry or employer.” “As a county, our 2023 budget is reflective of that cautious optimism. We are continuing projects and initiatives that have been underway, but I recognize that this may not be the best time to start new ones, so we are not taking on a lot of new projects. Rising costs set us back in our economic recovery in 2022 and I believe some of those uncertainties will continue to impact our region, to an extent.” “If an economic slowdown occurs, it will likely feel a lot different than the frenzied markets we have experienced over the past few years. To contrast the housing markets over the past few years to today, we have moved from a ‘4-6 minute market’ — a frenzied pace of buying and selling with low inflation, low interest rates, low inventories — to a ‘4-6 week market’ — a slightly cooled pace of sales with higher mortgage rates, inflation, still low inventories. A ‘4-6 week market’ is a normal or stabilized housing market.” Dave Dickerson, partner and president of Midwest market at Miller Valentine Construction of Dayton: “You still have a lot of onshoring and reshoring that continues as people are trying to firm up the supply chain that was so badly disrupted over the last several years. So you are still seeing a lot of activity within the market.” “I think (employers are) getting those quality applicants. I think the key I’m hearing from a lot of employers is the overall retention of those employees. Obviously it’s an investment when you hire someone in. They key is how do you retain those employees. With the competitiveness of the job market you can walk out of one business. walk 500 feet and most likely if you are a quality candidate you can get another job if their pay is just a little bit better.”
